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Re: What kind of Socialism?

Originally Posted by wayiwalk

Eric (or anyone else) -

A follow up on the point you raised above regarding the $1 trillion per year post credit bubble debt cut. Can someone explain to me the mechanics of how this is accomplished? Are we talking about cutting debt by a percentage of what is out there in the mortgage market, or ??? what?

I ask because it is being presented as an alternative - but I don't see how it could be accomplished without the gov't/IRS somehow mucking it all up.

As I understand it, and please correct me if I am wrong on any part; the idea is to write off a large part of the debt. A lot like changing the value of a national currency by lowering the exchange rate. You simply write it off.

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